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Posted by KSB on January 4, 2008, 3:02 pm
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My mother-in-law recently passed away leaving an estate worth about
$400K in
securities. According to the will (which has been probated) the assets
are
to be split equally between between my wife and her brother. My wife
is
sole executor. My brother-in-law (the co-heir) has stated he does not
want
any of the financial assets (he is independently wealthy), only some
of the
personal assets (mementos) which my wife, as executor has no problems.
How
do we transfer the financial assets (stocks, bonds, etc) to my wife's
name
so that she get the full basis value as opposed to 1/2 with the other
half
as a gift from her brother (which would potentially cause him a future
gift
tax problem).
In addition, both my wife and her brother now jointly own a
condominium
apartment valued at about $350K titled with them as owners and my now
deceased mother-in-law as life tenant (on the title). Again, how do
we
transfer the property to my wife at full basis.
Let me clearly state that the are no family disputes here, but we do
want to
avoid any in the future.
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